Scotiabank and Interac have launched the Bulk Interac e-Transfer for Scotiabank’s business banking customers. This service extends the Interac e-Transfer service to Scotiabank’s business banking customers by offering a streamlined, secure and cost-effective alternative to cash, cheque or prepaid card disbursements.
The Bulk Interac e-Transfer service allows businesses to migrate to electronic payments with ease and simplifies the management of payments by minimizing back-office operational burden. Through an automated file transfer process, businesses can securely and reliably send multiple payments in a single file upload, eliminating the need to issue, track and reconcile costly cheques or handle cash payments.
Key features of the Bulk Interac e-Transfer service include:
• Flexibility: The service has an overnight processing option and notifications of payments can be delivered to an email address or mobile phone number. There is no minimum value for payments and the expiration dates can be set for up to 364 days in advance.
• Customization: Businesses will have the option to generate customized HTML notifications that bring brand familiarity to the payment notifications.
• Detailed Reporting: Businesses will receive real-time acknowledgment and daily status reports, including the statuses of pending and cancelled transactions.
• Security: Recipients will be able to safely and securely deposit their funds anywhere and anytime they have access to online banking. Each payment is password protected with a security question that the recipient must correctly answer to receive the funds. No financial information is ever shared.
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